Ready for retirement? Pensions and Bangladeshi self-employment

Document type
Mawhinney, Phil
Runnymede Trust
Date of publication
1 January 2010
Runnymede financial inclusion report
Poverty Alleviation Welfare Benefits and Financial Inclusion, Minority Groups
Social welfare
Material type

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Many Black and minority ethnic (BME) people in the UK are in low income self-employment and face particular challenges to saving and contributing to a decent pension and enjoying a retirement free from poverty. This report looks at the relationship between BME self-employment and pensions, illustrating key issues with examples from our research among Bangladeshi and other BME communities. It examines the level and type of pension provision people have and the particular barriers to pensions they face, in light of recent government reforms to pensions. These reforms have been in response to an ageing population, lower annuities offered by company pension schemes and the fact that people are less likely to prioritize personal saving than in the past. Automatic enrolment of employees into workplace pension schemes and changes to the state pension age are central features of these reforms

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